Real estate stocks have been on a tear with demand seeing a big pick up in recent months. To get a better understanding, CNBC-TV18 spoke to Irfan Razack, CMD at Prestige Group, anMurtuza Arsiwalla, director at Kotak Institutional Equities.According to Razack, the first-time homebuyers who were sitting on the fence waiting to decide when to buy a home are the ones that are currently buying homes. Also, he believes that many people are trying to upgrade their homes as well.Also Read: Major housing demand is coming from first time buyers, says HDFC's Keki Mistry“Plus, when the going is good, you always get a small percentage of investors getting into the market to take advantage of the overall upswing. So, it is a combination of all three that makes demand real. I think things are going good, people are buying new homes,” he said.He further said, “There are huge launches in our pipeline across cities like Bangalore, Hyderabad, Chennai as well as in Mumbai. These are the four cities we are going to concentrate on.”“Mumbai - we are waiting for things to completely shape up, get RERA numbers and time our launch and that is going to happen in the next quarter for sure,” he mentioned.Also Read: Star Cement expects price rise in Q3; sees 6-7% growth in annual demandRazack believes real estate is a solid asset and people who want to invest, should do so with a long-term perspective.Meanwhile, Arsiwalla believes it is hard to find value in realty stocks these days. “We are not in a value zone. These stocks have moved beyond being value stocks, we are now looking at growth expectations and a lot of expectation is clearly pegged on the shoulders, given the way the stock prices have moved,” he said.Also Read: Here are key features of Delhi-Mumbai ExpresswayHowever, he has been generally positive across the board. “We haven’t changed our stance even now. Absolute upsides are hard to find right now but like I said, we would go back to the drawing board, revisit our estimates, see what the numbers look like in the coming quarters. There is lot of expectation,” Arsiwalla added.For the entire discussion, watch the accompanying video.Catch all live stock market action here.